January Market Note
January 10, 2018
The major indices hit new highs this week with the DOW crossing 25,000. The NASDAQ followed suit breaching 7,000, and the S&P closed firmly above 2,700 despite or perhaps because of a weak job report on Friday. Oil continued its relentless climb hitting a three-year high of $60.37
as measured by W&T Offshore, Inc. (NYSE: WTI) from the lows of $26.19 reached in February of 2016. (Frigid temperatures in much of the country didn’t hurt.)
Bonds, as measured by the Ten Year Treasury Note, stayed locked in a fairly tight range with the yield standing at 2.46%, not far off from where it began 2017. And lest we forget, Bitcoin the newest entry for the fast crowd, went from $18,732 to $11,779, closing at $16,048 on Friday and managed all of this within a three-week span.
However, it is not just the new highs in the stock market that are catching the attention of investors, it is the length and breadth of this bull market that began in March of 2009 that is noteworthy.
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